Indian benchmark indices ended sharply lower on Tuesday, with selling pressure intensifying towards the close as rising crude oil prices weighed on investor sentiment. Heavy selling in metal, realty and chemical stocks dragged the headline indices lower.
The Sensex declined 777.94 points, or 1.04 per cent, to settle at 74,003.82, while the Nifty dropped 279.50 points, or 1.19 per cent, to close at 23,118.60.
On the Nifty’s technical outlook, market experts said the index decisively breached the 23,300 support level and is now approaching the psychologically important 23,000 mark.
“A sustained break below 23,000 could expose the index to further weakness towards 22,800, while 23,300–23,500 is likely to act as the first resistance band on any recovery,” a market expert said.
Selling pressure was broad-based, with several heavyweight stocks ending in the red. Bharat Electronics (BEL), Shriram Finance and IndiGo emerged as the top losers on the Nifty index.
The broader market underperformed the benchmark indices, signalling stronger risk aversion among investors. The Nifty MidCap index fell 2.12 per cent, while the Nifty SmallCap index declined 2.43 per cent.
Sectoral performance was also largely negative, with realty stocks bearing the brunt of the selling pressure. The Nifty Realty index plunged 4 per cent, making it the worst-performing sectoral index of the session, followed by the Nifty Chemical index.
In contrast, information technology stocks bucked the broader market trend. The Nifty IT index was the only sectoral index to end in positive territory, gaining around 2 per cent.
Meanwhile, the Bank Nifty slipped below the 56,000 level, shifting attention towards the next support near 55,500.
“The index now faces resistance in the 56,000–56,500 region,” market watchers noted.
The sharp decline came amid heightened concerns over rising oil prices and their potential impact on inflation and investor sentiment. The broad-based sell-off also reflected increased caution across domestic equities.